Full-Time MBA

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Live Chat with Full-Time MBA Program Admissions

Entrepreneurship faculty, Polsky Center for Entrepreneurship staff, and current students will be available to answer your questions about entrepreneurship at Chicago Booth. This is your opportunity to learn more about entrepreneurship, private equity, venture capital, social entrepreneurship, family business, energy, and the Polsky Center resources. Career Services staff will also be available to chat about pursuing a career in entrepreneurship.

Jan 31 2013, 08:50 - 10:00 a.m.

From -> To Message
Moderator -> Everyone Thank you for participating in our chat. The chat will begin in 10 minutes. Please feel free to submit your questions at any time.
Moderator -> Everyone Thank you for participating in our chat. The chat will begin in 5 minutes. Please feel free to submit your questions now.
Moderator -> Everyone Welcome everyone. The chat has now begun. We look forward to answering any questions you may have at this time.
Waverly -> Everyone Hello, this is Professor Waverly Deutsch. I am looking forward to taking your questions. See you in my classroom next year!
Kirsten -> Everyone Hello, I'm Kirsten Nelson a Career Coach from Career Services that works with students pursuing entrepreneurial paths
Tracey -> Everyone Good morning, thanks for joining us today. Looking forward to answering your questions about the Polsky Center!
Elizabeth -> Everyone Hi I'm Liz. I'm an entrepreneur at Booth and happy to answer any of your questions.
Joanne -> Everyone Hi everyone! My name is Joanne Legler and I'm with the Full-Time Office of Admissions. Looking forward to talking to you today!
Amy -> Everyone Hi everyone, thanks for joining us today. I look forward to answering your questions.
Imran -> Everyone Hi Everyone, I'm looking forward to the chat. I'm a 2nd year full-time student and I love entrepreneurship at Booth. I'm currently working on my startup, MouseHouse, a full time job in Venture capital and a full time student.
Kathleen -> Everyone Hi everyone. My name is Katie and I am currently a second year student in the full time program. Thanks for joining us today. Looking forward to answering your questions!
JuanBinaghi -> Waverly Which entrepreneurship courses do you think that best integrate all business and managerial skills?
Waverly -> JuanBinaghi Juan, good question. The fact is that entrepreneurs need to be a little bit of a jack of all trades so part of the entrepreneurial curriculum is melding marketing, sales, finance, operations, etc. You will definitely find all of those things come into play in Building the New Venture and the New Venture Challenge.
SachinArora -> Elizabeth Hi Elizabeth, you have worked on start-ups both pre and post your MBA. What in your opinion are the key takeaways from your Booth experience that have enabled you to face your challenges better now?
Elizabeth -> SachinArora Hi Sachin. Yes, I have worked at startups both before, during and what will be after my MBA. Booth has taught me how to identify a good business idea, how to actually build the business, and what investors are looking for in their portfolio companies.
HardikParikh -> Tracey Does the school offer its students academic tracks or specializations in private equity or venture capital? Would you please provide some common examples of “hands-on learning experiences” that students can take advantage of in the private equity field?
Tracey -> HardikParikh Hi HardikParikh, we offer several courses in private equity and venture capital, as well as a number of programs that provide hands-on experience outside the classroom. For example, you can apply to participate in the Private Equity and Venture Capital Lab course, which combines and internship with a class. Students can also participate in the Venture Capital Investment Competition, which allows you to "act as VCs" and practice developing a term sheet and negotiating a deal with a startup, or you can participate in the Sterling Partners Investment Thesis Challenge. You can find out more about each program on our website!
zivana -> Waverly Hi thanks for your time. As an aspiring product manager in healthcare, I was wondering if anyone on the panel can speak to their experience taking the 'Management Lab in New product strategy and development' course.
Waverly -> zivana Zivana, none of the students on this chat have done that class since it is definitely focused on the large company experience. I have worked with Jonathan Frenzen and he definitely gets high impact projects often in healthcare and the students I have spoken with find the experience to be invaluable.
NanNi -> Imran Although Booth has wonderful entrepreneurial curricular opportunities and otherwise, is it harder to network as an entrepreneur because most start-ups are located on the coasts? I know that Chicago has a more and more vibrant start-up scene every year--how does it compare culturally to New York or Silicon Valley?
Imran -> NanNi Hi NanNi. Its a great question and Chicago has definitely thrived in the past several years with startup hubs such as 1871, Excelerate Labs, Impact Engine, and other communities. Compared to NY and the Valley, Chicago is still catching up, but I think this allows young entrepreneurs to get in with the startup community faster. Its a great place and there is more venture funding coming to the city every year. This is evidenced by NEA creating an office in Chicago next year and venture funds such as Lightbank and OCA Ventures pouring money into the Chicago startup scene.
Mia -> Joanne Thank you for your time. What is the best way to look up classes we can take for example in alternative energy markets and environmental economics?
Joanne -> Mia Hi Mia. The Energy Group's website is a great resource for a list of energy-related classes at Booth and throughout the University (you can take up to 6 classes outside of Booth as an MBA student here). The link is here: http://www.boothenergy.org/energy-uc/. Hope that proves helpful!
VicMuni -> Tracey Through the Polsky Center, would students be able to help build a local business of their choosing? Or are the local businesses pre-selected by the Center? Thank you.
Tracey -> VicMuni Hi VicMuni - good question. Students can work on any venture! If you come to school with an idea or have started a business, we encourage you to work on it while you're here. If you don't want to start a business, you're welcome to join a team. We don't pre-select startups for students to work on.
b3hr@d -> Waverly What percentage of entrepreneurial ventures launched by Booth students/alumni are based outside of the US? Can you please provide a few examples?
Waverly -> b3hr@d Hi b3, we are currently doing some research to discover that answer. What I can tell you is that every year in the New Venture Challenge we get proposals for businesses that students want to launch in their home countries. Last year we had a cargo airline launching in Africa. A couple of years ago a proposal for a commercial bakery in Africa. One of our students launched a company in India helping Tata convert old buses and trucks to hybrid tech.
HardikParikh -> Kathleen I am very interested in learning more about corporate restructurings/bankruptcies and how entrepreneurs can help distressed companies rebuild value and establish a sustainable business. Are these topics covered in the scope of the Polsky Center? Would you please give some examples of guest speakers, workshops, conferences, and etc. in the field?
Kathleen -> HardikParikh Good question. Many of the entrepreneurial classes offered, for example Entrepreneurial Finance and Private Equity, look at investments across a variety of stages, from early stage new ventures to distressed investments. A lot of Booth students, myself included, also take Bankruptcy Law in the law school to learn more about this topic. Lastly, the Distressed Investing and Restructuring Club is a great resource in this area, and holds a yearly conference as well as brings in speakers, such as Howard Marks from Oaktree, on a fairly regular basis.
RossT -> Waverly Can you speak to the competitiveness of entry into the New Venture lab? How many students typically apply and how many spots are available?
Waverly -> RossT Ross, that is the one lab class that is available through our bidding process rather than by application. We do that so all our entrepreneurship students have the chance to take a lab class if they want to. Just register in and choose a project!
Jay_W_Lee -> Amy 1. Do you encourage students to launch their business while MBA?2. I'm planning to do campus visit on Feb. 18th (Mon),would I be able to meet a student from Entrepreneurship & Venture Capital Group (EVC)?3. I've also planned on class visits, would I be able to attend Entrepreneurship class such as Building the New Venture?
Amy -> Jay_W_Lee Hi Jay, we encourage students make the most out of their experience at Booth, and some students have successfully launched their businesses at Booth through the New Venture Challenge and the Social New Venture Challenge (http://research.chicagobooth.edu/nvc/). Prior to your visit, you can certainly reach out to the co-chairs of the EVC Group (http://student.chicagobooth.edu/group/evc/cochairs.htm) and see if any of them would be available to meet with you during the day. Additionally, you can browse the list of classes that are available to visitors during the winter quarter on our website (http://www.chicagobooth.edu/programs/full-time/admissions/visit/class). Hope that helps!
RossT -> Imran What level of input do students have in project/company assignments for the labs? Do some labs provide more student choice than others?
Imran -> RossT Hi RossT. It really varies depending on the lab class, but typically the students are allowed to select what companies are interesting to them. I was a participant in the PE /VC lab class and it was a standard interview process at the various venture capital funds. The experiences are great and give you a real world sense for how businesses operate.
KyleStewart -> Waverly I would like to learn more about the class Special Topics in Entrepreneurship.
Waverly -> KyleStewart Kyle, we simply have a naming problem. Everyone knows that class as the New Venture Challenge. It is our business plan competition. You apply with a feasibility summary in February, the class is during the spring quarter and 8-10 teams get to present in our finals in May.
Christopher -> Elizabeth Thank you to everyone involved with hosting this chat session. Could the team briefly comment on the resources students are given within Booth to help support entrepreneurship and how Booth engages the entrepreneurial community in the greater Chicago area? thanks
Elizabeth -> Christopher Hi Christopher. Booth provides many resources - that students have to seek out. Ones that I have used so far include the Polsky Center for Entrepreneurship, mentorship from professors, and the alumni network. In regards to engagement, Booth has space at 1871 and TechNexus - two separate incubators in the city. There are always many Booth students at local entrepreneurship events in the city as well.
Krishna -> Tracey Hello, Thanks for initiating this chat. I have my own startup, in technology. So,after my schooling at Booth, i want to go back to my company and help it growIs there some kind of support that polsky center offers me and my company an opportuinity to grow.
Tracey -> Krishna Hi Krishna, thanks for asking about this. Just because you've graduated doesn't mean you stop getting the benefits of the Polsky Center! We support students AND alumni with a variety of resources: our staff and faculty are available for in-person and phone meetings, and we will try to connect you with other alumni and potential mentors. If you want to bounce ideas off of us, we're happy to listen! We also offer programs for alumni, like our Global Launchpad, which is a four-day "boot camp" on entrepreneurship that runs in different places around the globe, we host alumni networking events, and work with alumni groups around the globe. Hope this helps!
Stephenson -> Kathleen What is the most effective method for a student with entrepreneurial objectives to gather venture capital while attending Booth?
Kathleen -> Stephenson There are a lot of ways for students interested in building businesses to network with venture capitalists. The New Venture Challenge is a great way to meet local VCs. More broadly, using the Booth network to reach out to investors has been effective for a lot of the student entrepreneurs here.
stevenbeckert -> Elizabeth Elizabeth and Imran, what class was or has been most valuable to you in forming your respective startups? Also, is there an additional discipline outside of Booth’s core Entrepreneurship curriculum that you feel would be particularly helpful for prospective entrepreneurs to explore (e.g. operations, finance, marketing)?
Elizabeth -> stevenbeckert Steven - it's hard to pick just one! I have taken Building the New Venture, Entrepreneurial Selling, Commercializing Innovation, and the New Venture Challenge. Each class is beneficial in its own way. For example, CI helps you see your startup through investors' eyes, and BNV helps you work through the first 18 months of a startup's life. Outside of entrepreneurship, I am also pursuing a concentration in strategy.
RossT -> Kathleen Which additional concentrations tend to be most compatible with the requirements of the Entrepreneurship concentration? With an intention to complete both the Finance & Entrepreneurship concentrations is it unreasonable to think a 3rd could be achievable?
Kathleen -> RossT Good question Ross. The great thing about the flexible curriculum is that it is pretty easy to add concentrations with a little bit of planning, and you can really delve into the subjects that most interest you. I am actually completing concentrations in Finance, Entrepreneurship and Strategic Management, so it is definitely not unreasonable!
Tom_Sargeantson -> Tracey Thanks for taking my question! I know that the Polsky Center has many experiential courses and labs geared towards putting MBA students in real-life entrepreneurial environments. However, are there any programs that match MBA students with other graduate students - Yes, I'm talking about engineers mainly - who seek to work on entrepreneurial projects?
Tracey -> Tom_Sargeantson Hi Tom_Sargeantson, we don't have any programs specifically to connect MBA students with others, but we do try to host events that would allow students to meet/network, and potentially form partnerships. Also, since the University of Chicago doesn't have an engineering program, we work very closely with other schools and universities in the area that do. Through joint programs, these students meet and hopefully(!) can begin to work together.
stevenbeckert -> Imran Imran, what were some of the technical challenges you faced when creating MouseHouse given your finance/econ background? Was it easy to find resources and/or peers with tech backgrounds to help realize your vision? Perhaps more broadly, in pivoting from vision to execution, what resources were you lacking and how did Booth help?
Imran -> stevenbeckert Hi Stevenbeckert. Great question. Starting a business is never cut and dry and recruiting high quality talent is always going to be tough. I think you will be surprised by how many of your business school classmates have a technical / engineering background and can help with your startup dreams. If you don't find a classmate, there are a ton of resources in Chicago to help you connect with high quality technical talent at other schools in the area and the Polsky Center has great ties with the other universities.

Still, it can be tough at times and it is often up to your own networking and connections. I know a lot of students start to build their Minimum Viable Products using outsourced help. Everyone has their own way, but if you are passionate about your idea, you can typically find a way.
cilantro -> Waverly Hi, my name is Rashmi - I attended Booth Live on October 5th and applied in Round 2 a few weeks back. I'm very excited about the support for entrepreneurship at Booth and look forward to being able to interview with you in the coming weeks. My question is for Professor Deutsch, Imran and Elizabeth - what is generally the level of operations that a company must have before pitching for capital and how receptive are investors to non-tech and physical educational companies? Also, what are some of the low-cost marketing tools that you used to create buzz before actually getting fully set-up? Thanks!
Waverly -> cilantro cilantro, that is a lot of questions. Let me try to address them briefly. Typically, unless there is protectable intellectual property - especially in areas like healthcare and high tech - venture investors will not look at pre-revenue companies. Angels will if there is some proof-of-concept evidence that you can execute the business and that the market will buy your product or service. Physical education companies are tricky for VCs unless you have a plan to roll out multiple units across the country or have a virtual strategy that can create scale. Likely you will not get investment there until your first unit is showing traction. PR and social media provide a lot of startups with low cost ways to introduce their companies in the early days. Hope that helps.
Sakhu -> Amy Can you please tell me the chances of admission for an international candidate in Round 3 this year. Also if you can just estimate the number of seats to be allocated in Round 3.
Amy -> Sakhu Hi Sakhu, the chances for an international candidate to be admitted in round 3 is similar to that of the first two rounds. We do advise that international candidates apply by the second round, so that if they were to be admitted, they would have sufficient time to secure their visas and prepare for their move to Chicago. However, all candidates are welcome to apply in round 3. Finally, we do not have an allocation of seats for each round, as we admit candidates who are the best fit, though there are typically around 575 students in each class.
stevenbeckert -> Elizabeth Elizabeth and Imran, many of us are broadly familiar with New Venture Challenge – what are some of the lesser known resources at Polsky or Booth more broadly that you’ve benefitted from or think deserve more attention?
Elizabeth -> stevenbeckert Steven - I believe the EIP (Entrepreneurial Internship Program) and the Summer Accelerator are both very beneficial for entrepreneurs. I participated in both programs - one each summer - while enrolled. The EIP provides a stipend for you to work at a startup over the summer. The Accelerator program provides coaching, mentoring and financial assistance to startups with at least one U of C student.
JT -> Tracey Are there opportunities for one on one coaching for Booth students/ future entrepreneurs?
Tracey -> JT Hi JT: Yes! There are opportunities for one-on-one coaching. Our staff (eight full-time) and faculty regularly meet with students and alumni, to provide feedback, and coaching in an informal way. We also have three Entrepreneurs-in-Residence, who are awesome and available to meet with students to talk even more in-depth.
lm11 -> Amy Hi:just wanted to know the approximate time line on when interview invitations would be sent out for round 2 applicants
Amy -> lm11 Hi lm11, round 2 applicants will receive an email notifying them of a status update on February 13. Then when you log into your application, you will be able to see whether or not you've been invited for an interview.
Min-Beom -> Tracey Hi, this is Min-Beom Kim, a Round II Chicago Booth MBA applicant, from South Korea.How many students apply to get into the PE/VC Lab, and how many students are accepted?
Tracey -> Min-Beom Hi Min-Beom - The PE/VC Lab is pretty competitive. We typically get 120 or so applicants, for about 50-60 positions. It varies every year, however! Good luck with admissions!
MKurt -> Elizabeth Hi, my first question is for current students: Obviously, Booth offers a plethora of entrepreneurial resources. Which have you found to be most valuable to your learning?
Elizabeth -> MKurt Hi Kurt - the most valuable resource to me has been our network. For every question I have in my startup, there is someone at Booth who has worked in that field and can answer my question. The network has also connected me with many of my teammates and advisors.
moraouda -> Waverly Hello sorry I am late, I had a class to teach from 11. I Just wanted to ask about opportunities for educators in the field and if you get many candidates with education backgrounds. Thank you!
Waverly -> moraouda Moraouda, we get students from all backgrounds and actually seek out non-traditional candidates for our MBA community. I have had a couple of students from the education sector.

Hey Andrew, your question about case studies got sent to the wrong person so I hope you find this response. Virtually all of the lecture based entrepreneurship classes use a mix of published and live cases. For example, in Commercializing Innovation you will have to model the business of an existing company. There are some opportunities for interacting directly with the founders of some of those companies.
Jay_W_Lee -> Imran 4. I have a question for Imran. Congrats! on winning the 2012 Chicago Booth New Venture Challenge. May I ask what was the main success factor in winning the competition and was the business model you've thought before you came to Booth or during the MBA? I've left Private Equity firm to start my own business and want to join Booth to scale up my current business, would there be any advice in scaling up the business from your experience at Booth?
Imran -> Jay_W_Lee Thanks so much Jay_W_Lee. I think that there are a lot of key things that go into winning the NVC, but the most important is factors are showing that you are passionate about the idea, that we are actually addressing a pain point for customers, and that we have gone out and gotten customers to buy the product. Showing traction and customers willingness to pay for the product is key.

I actually started my business a month before the NVC and I am working with a MD/PhD from the University of Chicago, a Booth classmate, and a statistics PhD from the University of Chicago. The ability to recruit talent across the school is really important and the Polsky center helps facilitate these relationships.

Scaling up a business is always a challenge and I think the resources, advisors, and mentors that Booth provides has definitely helped.
SG2 -> Joanne Hello - do letter of support from current students help the application? What topics can a current student cover?
Joanne -> SG2 Current students are more than welcome to send letters of support to Admissions on behalf of an applicant. You can tell your friends or former colleagues to contact us at admissions@chicagobooth.edu for instructions on how to do that. They can cover whatever topics they want, depending on the relationship to the applicant.
Sheye -> Elizabeth Excited to meet you all. For the students on the panel, did you have entrepreneurial ambitions prior to Booth or is this something you discovered at Booth?
Elizabeth -> Sheye Hi Sheye - I did have entrepreneurial ambitions, but I had no idea that I would actually start my own business. I think it is a good idea to start Booth with a plan, but also be open to change.
RyanS -> Kirsten Hello, I'm interested in a career in entrepreneurship/finance. Specifically I’m interested in investment in civil infrastructure, i.e., transport, energy, water, telecom. I do not have direct finance experience or training, but I do have a management consulting background with a large firm in the transportation and construction sectors. Is such a career change possible? Would any of the panelists be able to offer advice on how I can break into the PE field? Thank you.
Kirsten -> RyanS Hi Ryan, it is definitely possible, and a lot of students make career transitions as you have transferable skills from consulting which can highlight such as strong quantitative skills, as well as you will be able to market the fact that you are enhancing these skills through being at Chicago Booth, finance classes you take, etc. The prior industry experience will also be valuable in addition to a real interest/ passion for this industry. To get into PE it takes a lot of networking, and you will have some great opportunities at Booth to connect through alumni, current students, joining the PE student group, attending industry conference and events, as well as potentially gaining some work experience if you participate in the PE/ VC lab. Through conducting research on PE you will get a better sense of people's backgrounds in the field as many have prior consulting or banking experience and as such you can tailor your search to firms that would appreciate your strategic and operational background and experience.
adamsjok -> Tracey Good morning, thank you for hosting this forum. I am interested in social enterprise work and I know Chicago Booth has a great reputation in the field. Does the school offer and seed money or competitions for students interested in social enterprise and entrepreneurship during or immediately after school? I have an idea and aspiration to create a financial social enterprise. Thanks.
Tracey -> adamsjok Hi Adamsjok, yes, we do offer seed money and competitions for students interested in social enterprise/entrepreneurship. Our capstone program is the Social New Venture Challenge, which is a startup launch program that spans the academic year. Prizes include up to $25K in seed funding, business/legal services, office space, and more. You can learn more about the program (and other tracks) at www.ChicagoNVC.com.
zivana -> Imran I've heard that the New Venture challenge is a great learning experience even for students not looking to start their own business. Can anyone comment on the benefits? Thank you!
Imran -> zivana Hi Zivana. The NVC is a great environment for learning how to run and operate a business. It is real world experience and even if you do not end up pursuing entrepreneurship, I can assure you that the experience presenting your startup and starting a business will be worthwhile in field you decide to pursue.
Brian -> Waverly Hi everyone! I have a general question - are there many opportunities to work on a new venture, even if you aren't the founder? What programs and/or clubs are there to address this?
Waverly -> Brian Brian, there are a ton of opportunities for this. First, we have a student group called the Business Solutions Group that arranges interesting consulting projects for 1st years with local startups and small businesses. That club recruits experienced consultants as mentors. The New Venture Lab class does something similar with entrepreneurs specifically. You can also join a New Venture Challenge team to help an entrepreneur launch his or her company. You definitely don't have to be the idea guy yourself to get the full range of experiences.
Rahul -> Elizabeth Greetings to all and thank you for this opportunity. I have the following question for the Booth MBA students.What aspect about your Booth experience do you attribute most to the successful launch of your business venture? Thanks in advance.
Elizabeth -> Rahul Hi Rahul - it's hard to pinpoint one aspect that helps your business succeed. However, I believe that you have to accept the fact that you may fail, and that is ok. As an entrepreneur, you never believe that you will fail, but Booth also teaches you that if you do, it's ok. You'll learn a lot from the experience.
Scott_Poole -> Tracey What opportunities to participate in Entrepreneurship in the broader Chicago community will Booth expose an MBA candidate to?
Tracey -> Scott_Poole Scott_Poole, we're quite active in the Chicago start-up community and work with many different organizations, start-ups and other community partners, like 1871 and the Chicagoland Entrepreneurial Center, Hyde Park Angels, Excelerate Labs, etc. As a Booth student, you'd have the opportunity to attend many of these events, get experience as an intern or volunteer, and more.
Elliott -> Imran Hi! How much time do full time Booth students typically devote to entrepreneurial interests outside of the classroom? Are students more likely to do no more than network while currently enrolled and start the real ground work after graduation, or is it typical for students to build ventures during their two years in school?
Imran -> Elliott Hi Elliott. This is a really great question and one that I am very passionate about. Booth's flexible curriculum has been great in this regard.

I personally devote over 50 hours/week on my startup endeavors / full time job while maintaining a full time student schedule. It's definitely tough, but the fact that I can choose to take classes during the weekends, evenings, and revolve classes around my day-to-day schedule is incredibly important and one of the reasons I chose Booth.

I know a lot of students who have built their businesses while at Booth, but I think its a personal decision and how risk tolerant a person is at the end of the day. A lot of students end up working for a consulting firm or investment bank initially, but after a year or two leave to pursue their entrepreneurial endeavors.
EmilioA -> Kathleen Hi. My name is Emilio Arakindji from Mexico. I will be joining the class of 2015. My question. How can I make use of the Polsky Center resources if I am interested in PE/VC focused on Impact Investing?
Kathleen -> EmilioA Hi Emilio. There are a lot of resources dedicated to social/impact investing here. As Kristin mentioned briefly above, the Social New Venture Challenge is one of the better known programs that allows students to pursue a socially focused start-up, and it is useful for people interested in social investing to take part in this as well. There are also other opportunities, such as an Impact Investing case competition, to build out your experience. A number of students also pursue internships in this field, and the Polsky network can be valuable in targeting these opportunities.
ColtsFan -> Tracey How does the Polsky center help out students who are interested in interning for specific startups outside the country - For example, an energy startup in Kenya? I think it's through the Entrpreneurship INternship Program, but I'm not clear on the details...can a student just pick a company he/she is interested in? Or does the center have specific companies that students must choose from?
Tracey -> ColtsFan ColtsFan - You're right, the Entrepreneurial Internship Program (EIP) is a great way to get experience working at startups outside the US. If you have a company in mind that you'd like to work at, and/or have an internship set up, you can certainly apply to the EIP with that company in mind.

We do have a number of startups that apply to host interns through the EIP, so it's flexible.
Naina -> Waverly I was wondering if you could tell me how often can you interact with professors outside of class?
Waverly -> Naina Naina, there are a number of opportunities to interact with entrepreneurship faculty - we hold a Polsky Center open house every year, most faculty hold office hours either regularly or by appointment and the Polsky Center is always open. If you end up in a competition like the VCIC or NVC there are faculty coaches that work with each team. Each faculty member is different about out side of class interaction and for more social interaction - well, that depends on if they like you ;)
Diego_R -> Elizabeth Hello, for the student entrepreneurs - How do you balance the cost of an MBA program with managing a startup on a shoestring budget?
Elizabeth -> Diego_R Hi Diego. Great question. You eat a lot of ramen. Just joking. Part of being an entrepreneur is figuring out how to make a lot out of just a little bit of money - or nothing at all. So, you end up being creative. I started ZipFit Denim while at Booth. My student loans carried me through the development stage of our company. I think starting a company while in school is a great time to do it because you have many free resources around you.
Zubin -> Waverly Many successful venture capitalists were formerly successful serial entrepreneurs. Do you see students pursuing an opposite path where they get training at a VC or PE fund before pursuing large scale entrepreneurial ventures?
Waverly -> Zubin Zubin, yes, in fact we see many entrepreneurship students who come out of investment banking and private equity who want to experience the entrepreneurial side of the table using their time at Booth to prepare to launch a startup.
ma2013 -> Tracey What financial resources are available for students pursuing startups during their summer internship and post-MBA? (Also, from perspective of student debt.)
Tracey -> ma2013 ma2013: One of our programs, the Entrepreneurial Internship Program, offers a stipend to students who are working on internships between their first and second years. If you participate in the New Venture Challenge or Social New Venture Challenge, there is the potential to receive seed funding for your business. Hope this helps!
Kevin_K -> Waverly I was curious about the process for interning with the Hyde Park Angels and when the internship period occurs
Waverly -> Kevin_K Kevin, there are two cycles of applications - one in the spring for the summer and one in the fall. Interns work for a year. Good luck.
Prachi -> Kathleen What is the most valuable course you took - either across Booth or an entreprenurial class?
Kathleen -> Prachi That's a tough question Prachi! It is hard to pick just one course that has been the MOST valuable, because there are so many great options here. I found the PE/VC lab course to be pretty valuable in combining practical and more theoretical skills, but I think every student likely has a different answer for this! Many of the classes mentioned throughout this chat - Building the New Venture, Commercializing Innovation, EFPE, etc. - are great for both entrepreneurs and investors.
Sayali -> Kirsten Hi..Thanks for the opportunity to interact with you all. I plan to work in the green-tech sector post graduation. Are there opportunities to intern for green technology industries? Also how good is the participation of green tech companies in recruitment?
Kirsten -> Sayali Hi Sayali, there are definitely opportunities to gain internship experience in the green tech industry, whether through a start up or through a large energy company who is doing innovative things in this space. There is an energy trek that happens in December each year where students will get a chance to meet with and interact with both alumni and firms in this space in the Bay area, some of these firms have relationships and recruit from Booth as well as some are new firms. There is also an energy conference that takes place which is a great opportunity to interact with industry professionals and identify opportunities. Typically larger firms in this space will come and recruit at Chicago Booth on campus if they have hiring needs for multiple interns, where as a smaller firm and/or startup it may make more sense for them to post these opportunities with Booth and/or ask us to do a resume referral.
Nan.Ni -> Elizabeth I really want to be in Chicago simply because I am from the midwest and after 10 years on the east coast, very much miss Chicago. As an aspiring entrepreneur, are there advantages to being in Chicago instead of the east coast or silicon valley?
Elizabeth -> Nan.Ni Hi Nan.Ni - Chicago is a great city. With regards to the entrepreneurial community, it is currently growing with incubators and startup resources developing in the city. It's a great time to be part of a growing community. Also, if you have a tech background, then you are a very valuable resource in Chicago.
Samuel -> Tracey Is your entrepreneurial program geared toward venture capital or consulting type business? I am interested in management/operations/marketing in a pharmaceutical or healthcare setting.
Tracey -> Samuel Samuel, Polsky Center programs are focused primarily on startups/entrepreneurship, venture capital and private equity. However, Chicago Booth has a center dedicated to marketing (the Kilts Center), and I think they might offer resources that are more relevant to what you're considering pursuing.
Chenwang -> Waverly Hi everyone, thank you for putting this chat together. I'm wondering how entrepreneurship program can aid students with a family business like myself?
Waverly -> Chenwang Chenwang, I want to be honest with you about this - we do not specialize in family business the way some schools do. We do believe that everything you learn about good management practices, innovation and strategy can be applies in the family business and small business setting but it is not called out specifically. For example, we do not have a class on succession planning for family businesses.
Erica -> Imran Imran, Prior to Booth it seems that you were already on-track in the startup world with your background with startups and venture capital. What made you decide to get a MBA? What have you learned at Booth that you wouldn't have learned otherwise about entrepreneurship?
Imran -> Erica Thanks for the question Erica. I definitely started to wean off of the finance/private equity route prior to coming to Booth and I do not regret the MBA for one second. The resources, introductions, competitions, faculty mentorship, etc have really been the catalyst for me to pursue my startup. Also, the PE/VC lab helped me secure my current full time job in venture capital at OCA Ventures.

The classroom instruction is definitely great and gives you a perspective that you might not have gotten...but I think the lab classes, NVC, and the professors really encourage people to go out and start something. Its one thing to think about a startup and a completely different thing to actually do it. The professors at Booth are all about going into the real world and using the skills we gain from the classroom.
ZachPruitt -> Kathleen Imran/Kathleen - What directed you, or what were some of the deciding factors when selecting Chicago Booth's program, as opposed to other programs that you may have been considering?
Kathleen -> ZachPruitt Hi ZachPruitt. From my perspective, a few of the things I found really compelling about Chicago Booth as I was making my decision were the flexible curriculum, which gave me the ability to really define my own b school experience, the strength of the faculty and the multitude of experiential learning opportunities, and the Booth network, which has really been valuable from day one.
ChrisMannion -> Joanne Hi, thanks for your time today, I am planning to leave the military and start in Fall 14. The flexibility in the course looks great; is there a typical route that a transitioning military officer would take to build up commercial skills? Do military personnel have any noticeable differences in entry figures (GMAT, Average Age, Experience etc)?
Joanne -> ChrisMannion Hi Chris. We look forward to your application for Fall 2014 (our application for that class will be available this summer). There is no "typical" route for any candidate and given the diversity of experience of our military candidates, that's even more true for this group! On average, our military veterans are a competitive group within the larger applicant pool, with similar test scores and GPAs; a noticeable difference to me as a reader is the leadership, self awareness and maturity that veterans gain through their military work. I'd encourage you to reach out to the Armed Forces Group at Chicago Booth. Their website, http://student.chicagobooth.edu/group/afa/applicants.htm, offers a full page of advice for veterans and if you reach out to the co-chairs, they'd be happy to talk with you further about their own experiences and the resources available to you at Booth and the University of Chicago. Best of luck!
Joia -> Waverly Do most students coming into the program already have startups, small businesses, or strong ideas for companies?
Waverly -> Joia Joia, by no means most. Many students come into Booth with concepts or early stage companies that they want to develop while they are at Booth but the majority of our students study entrepreneurship as part of their future planning - to be prepared to do it someday. More of our entrepreneurship concentration graduates will take a job after Booth than will start their companies right away.
Jason_DC -> Elizabeth How does the Booth approach of enabling students to largely design their own coursework lend itself to entrepreneurial studies, and a future as an entrepreneurial leader?
Elizabeth -> Jason_DC Hi Jason. Being able to select my own coursework has been a huge help in my entrepreneurial path. I selected courses that were applicable to what I do - or were areas in which I needed to improve. Further, I even took a quarter off when my startup opened a store. As an entrepreneur, you have a plan for what will happen in the next 2 years, but you also know that could change. Booth gives you the flexibility to change dependent on your current situation.
Rebecca -> Tracey Hi, my name is Rebecca and I am particularly interested in social entrepreneurship. I know the Center has the Social Entrepreneurship Lab; is that a focus of the Polsky Center that you see expect will grow in the future?
Tracey -> Rebecca Hi Rebecca, great question! The Polsky Center has been growing its social entrepreneurship offerings over the years, including the Social Enterprise Lab and Social New Venture Challenge, and we expect to continue growing our offerings. We're most excited about the Social Enterprise Initiative, a new organization within Booth that we work very closely with, that focuses on social enterprise. We've already co-hosted some events with them, and they're developing new course material, and other programming around social topics. Check out their website: http://research.chicagobooth.edu/sei/.
chung -> Imran Hi Imran, this is Chung. I am very interested in your background, since I used to work both as a full time student and entrepreneur, and I find it really, really hard. I want to know how you balance between your course work and your jobs, and how Booth assist you in achieving this? (in terms of the design of curriculum and the career center support)
Imran -> chung Hi Chung. Balancing school, startup and full time job is very hard. I really credit Booth's flexible curriculum to help me schedule classes at convenient times and still take the classes that I like.

The two years in business school are incredibly busy, but I know that it has already paid off 10 fold.
Moderator -> Everyone We've passed the halfway point of our chat. Please continue to submit any questions you may have for our panelists.
Artem -> Imran Kathleen, Imran - have you had your own business before you went to Booth? Do you know any peers who had?
Imran -> Artem Hi Artem. I did have my own business prior to Booth and I know that there are a lot of students who have started businesses prior to coming to Chicago. The wealth of experiences from the other students is really valuable and you often see people coming to Booth to help scale their business.
selkis -> Waverly Hi everyone! It looks like Booth does a great job integrating students into the Chicago start-up scene. Can you talk about any programs you have that help students build networks outside of Chicago? (Silicon Valley, Boston, NY, etc.) Very important for tech entrepreneurs, especially.
Waverly -> selkis Selkis, the best thing we have to help you develop those connections is a very strong alumni network who are very generous with their time and efforts on behalf of fellow Boothies. We have several companies launched out of the New Venture Challenge that are now located in Silicon Valley, Boston and NY. We stay informed about the incubators and accelerators located elsewhere that our students may want to apply to. The Entrepreneurship and Venture Capital club also takes a startup trek out to California every year.
apinedo -> Amy Hello! I am from Caracas, Venezuela. I have recently submitted my application to Booth. I have been working with my family for a while developing new ventures which is why I am greatly interested in the entrepreneurship concentration at Booth. I would like to know what other activities other than the courses (and the entrepreneurship club) are available at Booth! Thank you!
Amy -> apinedo Hi apinedo, there are virtually a limitless amount of activities that are available to our students. The Family Enterprise Group (FEG) sounds like a great start for you, but you're certainly not limited to the number of groups that you can join. Additionally, you'll find that the Polsky Center for Entrepreneurship and Innovation may have resources that could be helpful to a student like you. There are also different experiential learning opportunities, such as Lab courses, and various competitions in which you can participate (http://www.chicagobooth.edu/entrepreneurship/competitions/index.aspx).
smit -> Tracey What is the time frame in the program when the new venture challenge takes place and when do students ideally start preparing for it?
Tracey -> smit Hi Smit, the NVC begins in the fall with networking and kickoff events that are designed to help students meet teammates and develop their idea. Over the winter quarter, teams then develop their feasibility summary, which is essentially the application to the program. Over the spring quarter, appx 30 teams are selected to move on to the classroom round of the NVC, where teams practice their pitch in front of judges (investors, entrepreneurs, etc.), develop a plan, and work on their business. The program culminates at the end of May with the finals event. To learn more about the NVC timeline, check out: http://research.chicagobooth.edu/entrepreneurship/docs/New_Venture_Challenge_2012-13.pdf
vgovil -> Waverly Thanks everybody for organizing this chat. My question is for Prof. Deutsch. Professor I wanted to know from you if in Building the New Venture course do you discuss an green energy related specific challenges. I am interested in the Green Energy space and would like to gain more knowledge about government regulations etc. which can help in building a new energy venture.
Waverly -> vgovil vgovil, in years past we have offered both a Clean Tech lab class and an alternative energy class as well and we hope to offer them again in the future if faculty are available and willing but I can't make any promises. We have a network of entrepreneurs in that space as well who are willing to help. You can explore the business models for those businesses in Building the New Venture and the NVC but there is no lecture content on the regulatory side in those classes.
Alex -> Imran Hi Imran, could you comment on your experience with the New Venture Challenge? Specifically, how did your business idea change and develop through the process? What were your biggest takeaways?
Imran -> Alex Hi Alex. When MouseHouse first presented at the NVC, we were just starting our business and had a very feint idea about how we could monetize our product and grow. Over the course of 10 weeks we were introduced to a lot of people who helped us really develop our business and we were pushed off to actually contact customers. We started the NVC with no product, no customers and no money. By the end of the NVC, we had a great start at a product, over 50 signed beta customers and some significant revenue opportunities.
David_A -> Kathleen Can you discuss the private equity lab and the Polsky Center's course programming for entrepreneurship in the context of private equity/venture capital investors?
Kathleen -> David_A Thanks for the question David_A. I will be going back to PE investing post graduation, and I have definitely found Polsky's programming to be really helpful. Classes like the PE Lab let you build your investing skill set, but it is also helpful to interact with entrepreneurs and understand how they think about the world through programs like the NVC. Polsky also puts on programs like the Venture Capital Investment Competition that are pretty helpful for PE/VC focused students.
Marc_L -> Tracey How competitive is the application process for the New Venture Challenge? It seems like a wonderful opportunity, what's the best way of increasing the chances I would get the opportunity to participate?
Tracey -> Marc_L Hi Marc_L: The NVC application process is pretty competitive. We usually get over 100 applications for 25-30 spots (and about half that for the Social NVC). I would encourage you to work hard on your idea/business BEFORE applying - conduct a lot of research, talk to potential customers, and do anything that shows progress. However, I do want to note that even if you don't get into the program, you can still work on your business and take advantage of many resources at the Polsky Center! Hope this helps.
Leonardo -> Waverly Hi people. For these months preceding the beginning of the MBA course, I am using my spare time to develop some business ideas - not a complete business plan, but a short list of ideas worth investigating at Booth. Do you think this makes sense, or it would be better to take the course with a “blank canvas” and use the tools learned there to make this first step?
Waverly -> Leonardo Leonardo, it has been my experience that entrepreneurs are always thinking of ideas. Feel free to keep brainstorming. Here you will have the opportunity to explore one or more of those ideas in several classes - or learn methodologies that help you find better ideas. I would never tell a would be entrepreneur to stop coming up with ideas :)
O -> Elizabeth Hello everyone, my name is Oh-hyoung. I have applied to R2 for coming September. My pre-mba background is not startup. What are the best ways to make the transition from non-entrepreneur to startup after MBA? Do people go work for bigger tech companies such as Google, and start their own companies or just start a venture right after MBA?
Elizabeth -> O Hi Oh-Hyoung. My vote is to just go for it! I think you can take one of two paths. You can either just dive head first into your own venture, or you can work part-time for another startup in the city to get your feet wet.
Yes, many people work for larger tech companies before working on their own. A lot of people also begin working on their venture while at Booth because of the many resources available.
Tracy -> Kirsten Thank you all for the chat on entrepreneurship. I am Tracy from China. How about the opportunities to work in a start-up in Chicago area during summer internship?
Kirsten -> Tracy Yes, there are several opportunities to work at a startup in Chicago for the summer, and the startup community in Chicago is very active which Booth students can participate in through attending a number of events both facilitated by Booth and through getting involved in the entrepreneurial community in general. There is an Entrepreneurial Internship Program students can apply to where startups contact Booth and want to hire students and/or students identify their own startup and can get their salary subsidized through the school and the firm making it more attractive for a startup to hire an intern. Additionally, Booth has a number of relationships with start-ups in Chicago which you will get exposure to through the Polsky Center, being a part of the Entrepreneurial and Venture Capital Group, attending start-up events in Chicago and the EVC conference, attending a Start-up Networking Night which Career Services and Polsky facilitate which is comprised of several start-ups in Chicago that want to network and potentially hire Booth students for internships or full time opportunities.
James -> Tracey Are the programs out of the Polsky Center, such as the Clean Tech Lab, available to students who are more focused on other concentrations, or are they geared exclusively for the entrepreneurship concentration?
Tracey -> James While most of our programs have a startup/VC/PE element, you don't HAVE to be focused on entrepreneurship to participate in any of them. Most students have two or three concentrations.
AminAaser -> Imran Imran -- you mentioned that you are a 'Full Time Entreprenuer' and also a 'Full Time Student'. Was wondering how you balance your time and whether that experience is common among aspiring entreprenuers at Booth.
Imran -> AminAaser Thanks for the question AminAaser. I think that the experience of managing a couple projects at the same time is pretty typical of the entrepreneurship focused students at Booth. A really awesome feature of a Booth MBA is the fact that we really have 5 years to finish off our MBA degree. That means you can take a quarter off, or take only 1 or 2 classes a quarter to help us manage our time. It's a really great feature of the school and definitely factored into my decision to go to Booth.
Brian_T -> Tracey Does Booth have a strong social entrepreneurship/nonprofit network? i.e are there many students pursuing these types of endeavors through coursework and internships?
Tracey -> Brian_T Brian_T: The Polsky Center has a large network across all kinds of industries, including social entrepreneurship and non-profit work. We're seeing more and more students going into these areas each year, which is part of the reason Booth launched the Social Enterprise Initiative last year. We're hoping to continue growing our coursework and programming in this space.
ahmad_elayat -> Kathleen Hi, my name is Ahmad Elayat and I will be attending Booth this coming Fall. I come from an electrical engineering background and I'm looking to pursue PE or VC. Can you comment on whether this is possible to do post-MBA or do I have to go the I-banking route first? How can Career Services help? Thanks
Kathleen -> ahmad_elayat Good question Ahmad. Career Services has a lot of programming focused on helping students build out their resume and refine their "story", which I think is particularly helpful for career switchers. While making the jump from a technical background to the buyside is tough, there are a number of funds (particularly on the VC side) that may look for people with operating experience or engineering backgrounds. Career Services can help you with coaching, interview prep, etc., but also help you figure out if a dual-track job search (i.e., looking at banking as well as other options) is right for you.
raeberha -> Waverly What sort of opportunities does Booth offer to provide the "real world, trial & error" experience outside of the classroom?
Waverly -> raeberha raeberha, we believe very strongly in experiential learning at Booth so there are a number of lab classes that work with companies on a variety of projects, we have our summer internship programs for "real world" experience and, of course, we have the New Venture Challenge which is all about getting out there and trying stuff in the real world.

Lauraafox - Tracey sent me your question about social ventures here at Booth. We don't know what is underway at this moment because the deadline for submission of the feasibility summaries for the Social New Venture Challenge is right around the corner - 2/11. We will know a lot then. But the second part of your question is easier - we have a newly announced Social Enterprise Initiative that supports our social entrepreneurship classes and challenge as well as our corporate social policy research.
mjaved42 -> Amy How soon after submitting the application can I expect to be contacted for an interview? Is everyone granted an interview or do you admit without interviews?
Amy -> mjaved42 Hi mjaved42, you can expect to hear from us about a month after you submit your application with an update to your status that indicates whether or not you've been invited for an interview. Round 2 applicants will hear from us on February 13. Not every applicant is granted an interview, and an interview is required.
Sheye -> Tracey Are there examples of startups from Booth that have had successful exits or are well known today?
Tracey -> Sheye Hi Sheye, Chicago Booth has more than 500 alumni who have started successful ventures. Our New Venture Challenge program alone has helped more than 85 companies launch that are still in business today, including GrubHub, Braintree, PrepMe (acquired), Future Simple, Bump, Benchprep, FeeFighters (sold), and others. Other non-NVC companies include Morningstar, Mu Sigma, Harpoon Brewery, and Zipcar.
amnam -> Imran Imran: How easy is it to recruit into VC directly out of school? I see you have previous operational experience at PayPal.
Imran -> amnam It is pretty difficult, but definitely possible. Booth has the PEVC lab, and Hyde Park Angels which will help get you introductions and experience that will be critical.

The thing to remember is that there are very few venture capital opportunities. I think there were an estimated 100 people who were hired into Venture Capital from across the entire country last year...so its difficult and you have to prepare for a long, arduous recruiting process. The career services office really helps, but if you are dedicated to the cause, your passion will come through!
DushyantM -> Elizabeth Hello Elizabeth - this one's for you: How useful was the Chicago Booth network in terms of fund-raising, scouting for potential clients etc. while you were setting up ZipFit Denim?
Elizabeth -> DushyantM Hi Dushyant - great to meet you. The Booth network was extremely useful. That's actually where all of our funding has come from to date. We have had many customers who are Booth students as well, although the majority of our customers for our store are random people walking by our store. The Booth network also helped in many other ways - introductions to some of our suppliers, leasing agents, store build-out experts and even our advisory board.
Tracy -> Waverly Waverly, in your Build the New Venture course, how do you address the legal issue for a start-up? I mean the legal systems differ a lot in different countries.
Waverly -> Tracy Tracy, localization is a challenge when you teach international students and you are right, one of the biggest things that changes for entrepreneurs is the legal environment from country to country. There is no possible way that I could be an expert in the startup legal environment for all the countries our students come from. What we do discuss is what are the legal issues entrepreneurs need to be aware of and how would you research the requirements of your specific geography.
Jon_G -> Kathleen Hello, thanks for hosting this. I'm curious what opportunities exist within the Polsky Center that might be appropriate for a student headed down the Investment Banking track, followed up by the corporate ladder long-term (of course, with the goal of rounding out the education). Thanks!
Kathleen -> Jon_G Hi Jon_G. As a banker, you will likely spend at least some of your time advising private equity clients, so utilizing the resources at Polsky (whether participating in the PE lab or taking some of the entrepreneurship classes) can help you learn more about this space. Many of my friends headed off to full-time banking jobs have taken advantage of Polsky programming to build a skill-set that is valuable whether you end up at a large corporate or a start-up.
Adam_Piotrowski -> Waverly In addition to the NVC and the EVC interest group, what are some of the courses or resources available to integrate or continue developing an existing startup/venture into their Booth experience?
Waverly -> Adam_Piotrowski Adam, you can work on pricing in a marketing class, strategy in New Venture Strategy, operations and execution in Building the New Venture - you will find many opportunities in your studies to develop, refine and enhance your business model.
axeforu -> Kirsten Hi Imran, I am wondering if there is any help from Career Services with trying to find a job in a startup or a small company - whether its for the summer or during the semesters (as you are doing) ?
Kirsten -> axeforu Yes, Career Services can help in your search to find a job at a startup and/or small company. You will see job postings from startups that are intersted in hiring from Booth both for the summer, full time, as well as some will seek help/ interns throughout the year which you can apply to through our system. We will also do resume referrals for opportunities that you've indicated you are interested in when firms contact Career Services with opportunities. You will receive ongoing coaching support, both from second-year Career Advisors who worked in the entrepreneurial space for the summer and/or prior to Booth, as well as Career Coaches to help you develop an effective strategy, your story, marketing yourself effectively, and utilizing a number of career resources to help you identify firms and contacts. Our employer relations team is also out meeting with new firms and start-ups all of the time both nationally and internationally on alumni and students' behalf and you and will share these opportunities with you from their meetings and visits through the Career Services blog in addition to posting opportunities.
Shaila -> Tracey Hello, thanks for hosting this session. What are some of the opportunities and network resources available with the Polsky Center in the Energy space? I came across the Midwest Alternative Energy Forum. Can you please talk a little about that?
Tracey -> Shaila Shaila, the Polsky Center offers courses related to energy, and we have a strong alumni base who work in the energy industry. Many of these alumni, including our benefactor, Michael Polsky, are willing to meet with students and/or participate in programming. We also work very closely with community organizations on programs like the Midwest Energy Forum. This year's MEF is right around the corner, on Feb 12, so I'd encourage you to get a ticket and participate, if you can! It's a great session to learn about trends, startups, and of course, to network with pros in the field. (www.midwestenergyforum.com)
ahmad_elayat -> Imran This question is for Imran. You have done both PE and VC. How do you compare the two? Which one did you enjoy more and why?
Imran -> ahmad_elayat Hi ahmad_elayat. The two are really different. PE is very cash flow based, typically mature companies, and tends to focus on sectors such as manufacturing, business services, retail, etc. Most VC work is early / pre revenue, technology focused, and entails much more pattern recognition rather than financial modeling.

Both fields are really exciting. At the end of the day, it really depends one what type of businesses you want to work for: relatively stable businesses that will grow 5-10%/ year or extremely unstable businesses that have the potential for a 100x return. The risk/reward profiles are very different in each field.

Personally, I like Venture Capital more because I really enjoy technology.
Ana_Caraballo -> Tracey Hello, where can I find examples of the startups in the Entrepreneurial Internship Program?
Tracey -> Ana_Caraballo Ana_Caraballo, I don't believe we have a list online, but if you reach out to Tom Ancona, who runs the program, he can tell you more! (Tom.ancona @ ChicagoBooth .edu)
Nan.Ni -> Elizabeth How did you tailor your curriculum at Booth to fit your entrepreneurial goals? For example, if I come from a marketing background, does it make the most sense to take courses in the areas that I am less familiar with, such as operations management? How did you guys go about directly linking your classes and your goals?
Elizabeth -> Nan.Ni Hello again, Nan-Ni! I balanced my coursework both with some classes that I knew would round out areas where I am less experienced and some that I would just enjoy. I think it is important to enjoy the classes you take and to select ones that will apply to what you do on a daily basis.
Saurabh -> Imran Hi Kathleen and Imran, how would you describe your interaction with the Booth alumni while pursuing your entrepreneurship goals?
Imran -> Saurabh Thanks for the question Saurabh. My interaction with Booth alumni has been instrumental in my development as an entrepreneur. Via the Polsky Center, I have been introduced to people like Cindy Bayley (VP at DeCode Genetics) and Michale Pape (successful biotech entrepreneur and vc) who have been instrumental in helping me connect with potential customers and funding sources. The Booth alumni network is fantastic and I anticipate that I will be reaching out to many more alumni in the coming years.
Zubin -> Kathleen What is the best resource students can use in trying to create a customized curriculum that fulfills not only the prerequisites for a concentration but builds on the appropriate skill sets for their desired career path after Booth?
Kathleen -> Zubin Hi Zubin. I have utilized academic services to help plan my course load and make sure I am on track in terms of concentrations (I typically meet with my adviser once a quarter or so). I have also found that other students are one of the best resources - as a first year, a lot of the second years that I met through career related clubs provided really great advice about what classes they have found most useful from a career perspective.
Patrick_Leung -> Elizabeth Hi Liz, how do you finance your current start-up? did you find funding through school resources? I am also in the fashion start-up business and therefore very interested. As I understand, VC don't prefer to invest in fashion businesses.
Elizabeth -> Patrick_Leung Hi Patrick - We did a friends & family round for the first raise. There are fashion or apparel related investors out there. You do have a smaller pool of potential investors, but when you have a good product that sells, those investors will make a very good return. And yes, our funding was found through Booth connections.
ClaireG -> Waverly Within the Entrepreneurshp curriculum and offerings are there any industry specific courses / areas of focus? I am particularly interested in startups in the biotech industry and I would be keen to gain exposure in this field.
Waverly -> ClaireG Claire, our curriculum is more horizontally focused - rather than vertically specific. What I can tell you is that we have an entrepreneur in residence who is out of the healthcare industry to support our students. Professor Ellen Rudnick comes out of the healthcare industry. Every year students work on biotech ideas in multiple classes including Building the New Venture, Pricing, Strategy, etc. And, of course, we always have biotech companies competing in the New Venture Challenge.
Damian_Bayona -> Tracey Hi guys, thanks for the time. Does the Polsky Center tailor its entrepreneurial skill development to specific sectors e.g. tech startups, non-profits, etc?
Tracey -> Damian_Bayona Damian_Bayona We do try to helps students develop a general set of skills that can be applied toward many industries. But we also offer several sector-specific programs, like the Social New Venture Challenge, or the Mobile App Challenge for tech.
Moderator -> Everyone Thank you again for participating in our chat. The chat transcript will be posted within 48 hours.
Imran -> Everyone Thanks so much everyone. I look forward to seeing many of you in the coming years at Booth!
Elizabeth -> Everyone Thank you all for your time, and hope you enjoyed the chat!
Waverly -> Everyone Thanks all! Great questions. See you next year!
Tracey -> Everyone Thanks everyone for your great questions today! Good luck!
Kathleen -> Everyone Thanks for all of your great questions. Good luck with the application/decision process!
Amy -> Everyone Thanks again for participating in this chat! We hope you received some helpful answers to your questions. Should you have any additional questions about applying to the Full-Time MBA Program, please email us at admissions@chicagobooth.edu or call us at 773.702.7369.
Joanne -> Everyone Thanks for your great questions and we look forward to seeing you on campus for a visit!